§ 500-40

Illinois § 500-40

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article XXXI - Insurance Producers, Limited Insurance Representatives And Registered Firms

Text

(Section scheduled to be repealed on January 1, 2027) Sec. 500-40. Nonresident licensing. (a) Unless denied a license pursuant to Section 500-70, a nonresident person shall receive a nonresident producer license if: (1) the person is currently licensed as a resident and in good standing in his or her home state; (2) the person has submitted the proper request for a license and has paid the fees required by Section 500-135; (3) the person has submitted or transmitted to the Director the application for a license that the person submitted to his or her home state or, instead of that application, a completed Uniform Application; and (4) the person's home state awards nonresident producer licenses to residents of this State on the same basis. (b) The Director may verify the producer's licensing status through the Producer Database maintained by the National Association of Insurance Commissioners or its affiliates or subsidiaries or by obtaining certification from the public official having supervision of insurance in the applicant's state of residence that the applicant has passed the written examination for the class of insurance applied for. (c) A nonresident producer who moves from one state to another state or a resident producer who moves from this State to another state must file a change of address and provide certification from the new resident state within 30 days after the change of legal residence. No fee or license application is required. (d) Notwithstanding any other provision of this Article, a person licensed as a surplus lines producer in his or her home state shall receive a nonresident surplus lines producer license pursuant to subsection (a) of this Section. Except as provided in subsection (a), nothing in this Section supersedes any provision of Section 445 of this Code. (e) Notwithstanding any other provision of this Article, a person licensed as a limited lines producer in his or her home state shall receive a nonresident limited lines producer license, pursuant to subsection (a) of this Section, granting the same scope of authority as granted under the license issued by the producer's home state. For the purposes of this subsection, limited line insurance is any authority granted by the home state that restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to items (1) through (5) of subsection (a) of Section 500-35.

Legislative History

(Source: P.A. 92-386, eff. 1-1-02 .)